March real estate report: Most sales since Oct 2018, prices up

March 2019 housing market reports for Northeast Florida are now available from the Northeast Florida Association of Realtors at NEFAR.com. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.

March ushered in warmer weather and an uptick in sales in Northeast Florida’s real estate market.

The 2,459 sales was the largest since October 2018, yet it was also a 6.6 percent drop from last March.

Sales prices were up. The $229,900 median price was the highest since July 2018 and a 2.2 percent increase from a year ago. The average sales price was $267,500, also the highest since July 2018, but an increase of just .1 percent from last March.

Homes sold briskly, in an average of 71 days.

With a scarcity of inventory, multiple offers are taking place in many cases, with the result that 15.4 percent of sales in March were for more than the original listing price.

There was a 3.6 months’ supply of homes in inventory, whereas five- to six-months is considered a market that is balanced between buyers and sellers.

2019 NEFAR President Jeanne Denton-Scheck said, “The pace of home sales in Northeast Florida is rapid, and a great situation for sellers, while buyers are having to be prepared to move quickly when they enter the market.”